Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd
Today, the benchmark indices registered a fresh all time high of 25333.65/82725.28, the Nifty ends 43 points higher while the Sensex was up by 194 points. Among Sectors, FMCG index rallied 0.88 percent whereas Metal index shed over 1 percent. Technically, after gap up opening market witnessed some intraday profit booking at higher levels.
However, the short-term texture of the market is still in to the positive side. Additionally, on intraday charts market is still holding higher high and higher low series formation, which supports further uptrend from the current levels.
We are of the view that, 25200/82350 would act as a sacrosanct support zone for the day traders. As long as it is trading above the same, the bullish sentiment is likely to continue. On the higher side, it could move up till 25400-25425/82800-83000. On the flip side, below 25200/82350 traders may prefer to exit out from the trading long positions. Below the same, the market could slip till 25100-25050/82000-81800.
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